S.I. No. 354/2011 - National Asset Management Agency Act 2009 (Section 210) Amending Guidelines 2011.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 12th July, 2011.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by section 210 of the National Asset Management Agency Act 2009 (No. 34 of 2009), hereby issue the following guidelines amending guidelines dated 26 March 2010:

1. These Guidelines may be cited as the National Asset Management Agency Act 2009 (Section 210) Amending Guidelines 2011.

2. These Guidelines come into operation on 9 July 2011.

3. The Guidelines issued under section 210 of the National Asset Management Agency Act 2009 (No. 34 of 2009) and dated 26 March 2010 are amended in subparagraph (b) of paragraph 4 by substituting “€500,000” for “€250,000”, and the said subparagraph, as so amended, is set out in the Table to this paragraph.

TABLE

(b) Decisions by participating institutions to refuse applications for credit facilities in excess of €500,000,

GIVEN under my Official seal,

6 July 2011.

MICHAEL NOONAN.

Minister for Finance.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation).

The purpose of these Guidelines is to amend the Guidelines issued under section 210 of the National Asset Management Agency Act 2009 regarding lending practices and procedures and relating to the review of decisions of participating institutions to refuse credit facilities ( S.I. No. 127 of 2010 ) to raise the monetary amount of decisions by participating institutions to refuse applications for credit facilities in excess of €250,000 to €500,000.